Conab’s estimate of Brazil’s soybean crop continues to inch higher, with the statistics agency pegging the crop at 114.313 MMT, up 490,000 MT from its estimate last month but down nearly 5 MMT from last year’s crop.
Conab says Brazil will likely export 68 MMT of its crop, a 2-MMT decline from its April outlook and well under the 83.605 MMT of soybeans the country shipped in 2017-18. African swine fever has curbed China’s soybean needs this year.
Brazil’s corn crop will likely total 95.254 MMT in 2018-19, a 1.246 MMT increase from the agency’s April estimate. That’s also up sharply from last year’s 80.709 MMT drought-curbed crop.
But despite the higher crop peg, Conab made no change to its 31 MMT corn export forecast for 2018-19. That’s up 6.2 MMT from year-ago.